Finance chiefs are considering hastening investments in automation initiatives to better manage their companies’ finances and operations despite facing revenue declines stemming from the coronavirus pandemic.
While many finance executives are slashing costs to weather the downturn, some view investments in technology as essential to better equip newly remote finance teams or strengthen other parts of the business.
“For many, the crisis is accelerating the vision that they’ve already had for a long time,” said Michael Heric, a partner in consulting firm Bain & Co.’s technology, media and telecommunications practices. “While it could have taken years or even decades to make that shift, I think you’re going to see it much faster now.”
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